Pump.fun’s Kimchi Partnership Descends Into Chaos as Memecoin Launch Sparks Hack Fears
Meta Description: Pump.fun’s partnership with crypto trader Kimchi faces turmoil after a QR code token launch triggered a sharp market cap collapse and raised questions about a potential account hack.
Pump.fun’s collaboration with prominent crypto trader Kimchi has descended into controversy after a token promoted through Kimchi’s X account suffered a dramatic market cap collapse, leaving users questioning whether the trader’s account had been compromised.
The incident has cast uncertainty over the partnership between Pump.fun and Kimchi, whose real name is Clayton Kim. The two had been working together to promote Pump.fun’s “Pill Your Friends” campaign, which aimed to encourage users to participate in the platform’s memecoin ecosystem.
Pump.fun co-founder Alon Cohen previously described Kim as “the first ever example of a trader becoming a celebrity.” The platform also encouraged users to become “the next Kimchi” by launching and trading tokens through its service.
However, the promotional partnership took an unexpected turn when Kimchi’s X account shared a new token through a QR code, triggering a wave of speculation about the account’s security and the intentions behind the launch.
Project Kimchi Token Suffers Dramatic Market Cap Collapse
The controversy began when Kimchi’s X account promoted the Project Kimchi token using a QR code. The token initially attracted considerable attention, reaching a market capitalisation of approximately $14 million before experiencing a sharp decline.
Within minutes, its market cap plunged to roughly $600,000. At the time of the report, the token’s market capitalisation had fallen further to approximately $183,000.
The sudden collapse intensified concerns among crypto market participants, particularly as the circumstances surrounding the token’s promotion remained unclear.
The situation became more complicated when Pump.fun co-founder Alon Cohen reshared the post before quickly removing it. Following the incident, Kimchi’s X account began deleting posts related to Pump.fun and removed the platform from its profile biography.
These developments prompted users to question whether the collaboration had broken down or whether Kimchi’s account had been compromised.
The incident also unfolded against the backdrop of several existing Kimchi-themed tokens, adding another layer of uncertainty to the Project Kimchi launch.
Although the account activity raised suspicions of a possible hack, the available information did not establish whether the token promotion was authorised or whether Kimchi had lost control of his account.
Some Crypto Users Suspect Kimchi Was Behind the Token Launch
While many users initially suspected that Kimchi’s X account had been hacked, others questioned whether the token launch had been intentional.
Some market participants argued that the incident could have resulted from poor management rather than an account compromise. However, the circumstances surrounding the promotion and the subsequent removal of Pump.fun-related content continued to fuel speculation.
Crypto trader Fabiano highlighted the fact that Alon Cohen did not publish any warning about a potential hack after removing his repost of the Project Kimchi token announcement.
Fabiano also questioned the sequence of events, suggesting that Cohen’s decision to reshare the post would likely have required coordination and planning.
He further pointed to Kimchi’s deletion of Pump.fun-related posts as an unusual development, particularly given the previously promoted partnership between the trader and the memecoin launch platform.
These observations contributed to doubts about whether the incident was the result of an unauthorised account takeover or a deliberate token launch that had gone wrong.
Nevertheless, the available evidence does not conclusively establish who was responsible for the Project Kimchi promotion. The possibility of a compromised account and the theory of an intentional launch remain competing explanations.
Pump.fun’s $40 Million Kimchi TRUMP Trading Claim Challenged
The controversy also brought renewed attention to claims surrounding Kimchi’s cryptocurrency trading performance.
As part of its promotional campaign, Pump.fun reiterated an unverified claim that Kimchi had generated more than $40 million in profits from trading the TRUMP token.
However, blockchain analytics platform Bubblemaps has presented a substantially different estimate based on publicly verifiable trading activity.
According to Bubblemaps, Kimchi’s publicly identifiable profits are closer to $6 million, significantly below the $40 million figure referenced in Pump.fun’s promotional material.
The discrepancy highlights the challenges of verifying cryptocurrency trading profits using publicly available blockchain data. A trader may operate through multiple wallet addresses, meaning that on-chain analysis does not necessarily capture every transaction associated with a particular individual.
Bubblemaps acknowledged the possibility that Kimchi could have used undisclosed wallet addresses. However, the analytics platform suggested that he would likely have revealed those addresses by now if they were relevant to the trading performance claim.
As a result, the reported $40 million in TRUMP trading profits remains unverified, while the approximately $6 million figure reflects the profits Bubblemaps says it can publicly substantiate.
Kimchi’s Online Presence and Pump.fun Promotional Content
Kimchi has maintained a relatively limited public presence online, despite his reputation as a prominent cryptocurrency trader.
When he does post on social media, his content frequently features displays of wealth, contributing to the public image associated with his trading persona.
His YouTube channel also provides a glimpse into his promotional activities. At the time of writing, the channel featured only one vlog, published two days earlier.
The video included promotional content for Pump.fun and showed Kimchi aboard a private jet.
The video’s appearance coincided with the broader promotional relationship between Kimchi and Pump.fun, which had positioned the trader as an example of how cryptocurrency traders could develop public recognition through the platform.
However, following the Project Kimchi token launch and the subsequent market cap collapse, the status of that relationship became uncertain.
The incident has raised questions about the risks associated with memecoin promotions, the transparency of crypto trading performance claims, and the importance of verifying social media account activity before acting on token announcements.
Until further information emerges, the circumstances surrounding Kimchi’s Project Kimchi token promotion remain unresolved.
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